Because we're in the hype stage of the cycle. It is there, but still flawed, yet business people keep throwing money at it. Also, it can create _some_ content but it's a race to the bottom situation. Certainly not good enough to fire all editors of a publication and "substitute" them with AI.
TL;DR the problem is not in the technology but those who own/use it.
TL;DR the problem is not in the technology but those who own/use it.